CBRE Group, Inc. Q4 FY2023 results: revenue $8.9 billion, up 9.2% on the year

CBRE Group, Inc. (CBRE) reported revenue of $8.9 billion for Q4 FY2023, the quarter ended 31 December 2023, up 9.2% on the same quarter a year earlier. Net income was $477 million, up 488.3% on the year, and diluted earnings per share $1.53. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$8.9 billionup 9.2%

Net income$477 millionup 488.3%

Diluted EPS$1.53

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	8,950	7,868	n/a	n/a
Cost of revenue	7,092	6,397	n/a	n/a
Gross profit	1,858	1,471	n/a	n/a
Gross margin	20.8%	18.7%	n/a
Operating income	504	269	n/a	n/a
Operating margin	5.6%	3.4%	n/a
Pre-tax income	631	231	n/a	n/a
Income tax	136	30.6	n/a	n/a
Effective tax rate	21.6%	13.2%	n/a
Net income	477	191	n/a	n/a
Net margin	5.3%	2.4%	n/a
Diluted EPS	$1.53	$0.61	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	853	382	n/a	n/a
Capital expenditure	93.7	76.3	n/a	n/a
Free cash flow	760	306	n/a	n/a
Free cash flow margin	8.5%	3.9%	n/a
Depreciation and amortisation	157	149	n/a	n/a
Share-based compensation	23.0	34.2	n/a	n/a
Buybacks	19.1	516	n/a	n/a
Diluted shares, weighted	313m	312m	n/a	n/a
Shares outstanding at period end	305m	305m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	22,548	21,687	n/a	n/a
Cash and equivalents	1,265	1,252	n/a	n/a
Receivables	6,370	5,708	n/a	n/a
Goodwill	5,129	4,962	n/a	n/a
Long-term debt	2,804	2,796	n/a	n/a
Borrowings, as the company tags them	2,824	2,806	n/a	n/a
Operating lease liabilities	1,089	1,060	n/a	n/a
Finance lease liabilities	72.0	64.9	n/a	n/a
Shareholders' equity	8,267	7,684	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	7,868	8,950	7,935	8,391	9,036	10,405	8,910	9,754	10,258	11,628	10,527	11,226
Cost of revenue	6,397	7,092	6,475	6,793	7,252	8,291	7,265	7,942	8,304	9,473	8,675	9,140
Gross profit	1,471	1,858	1,460	1,598	1,784	2,114	1,645	1,812	1,954	2,155	1,852	2,086
Gross margin	19%	21%	18%	19%	20%	20%	18%	19%	19%	19%	18%	19%
Operating income	269	504	204	246	368	595	276	374	481	622	511	365
Operating margin	3%	6%	3%	3%	4%	6%	3%	4%	5%	5%	5%	3%
Pre-tax income	231	631	119	174	312	613	243	300	487	564	454	315
Tax rate	13%	22%	-24%	19%	21%	18%	21%	20%	19%	20%	25%	22%
Net income	191	477	126	130	225	487	163	215	363	416	318	204
Net margin	2%	5%	2%	2%	2%	5%	2%	2%	4%	4%	3%	2%
Diluted EPS	$0.61	$1.53	$0.41	$0.42	$0.73	$1.58	$0.54	$0.72	$1.21	$1.38	$1.07	$0.69
Operating cash flow	382	853	-492	287	573	1,340	-546	57.0	827	1,221	-825	138
Capital expenditure	76.3	93.7	68.0	67.0	79.0	93.0	64.0	74.0	84.0	144	81.0	114
Free cash flow	306	760	-560	220	494	1,247	-610	-17.0	743	1,077	-906	24.0
Buybacks	516	19.1	0.0	47.0	63.0	517	418	262	0.0	288	530	410
Shares outstanding	305m	305m	307m	306m	306m	302m	300m	298m	298m	296m	293m	290m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 20 February 2024, accession 0001138118-24-000006: the filing on EDGAR. All of CBRE Group, Inc.'s filings: EDGAR company page.

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